France monthly reference rate: 5-year constant maturity
France monthly reference rate: 5-year constant maturity stood at 3.34% in Aug 2026, according to Banque de France – Webstat (webstat.banque-france.fr). It is one of the indicators in the Debt securities issuance table (Value · Monthly), with a complete series running from Nov 2004 to Aug 2026. The complete series with an interactive chart, free to download.
This indicator in the Debt securities issuance table
| Indicator | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Constant maturity rates, monthly average | |||||||||||
| 5-year constant maturity rate | 3.34 | 3.2 | 3.05 | 3.1 | 3.08 | 2.97 | 2.65 | 2.77 | 2.81 | 2.69 | |
| 10-year constant maturity rate | 4 | 3.85 | 3.68 | 3.74 | 3.73 | 3.64 | 3.4 | 3.53 | 3.56 | 3.44 |
Understanding france monthly reference rate: 5-year constant maturity
Medium-term benchmark borrowing costs across the secondary market are represented by a constant maturity rate fixed at a five-year horizon and averaged monthly. This metric provides a standardized yield reference that abstracts from the specific coupon and maturity date of any single bond issue, facilitating clean historical comparisons. It bridges short-term monetary policy indicators and long-term structural bond yields.
Interpreting this series involves observing how medium-term economic outlooks influence the middle segment of the yield curve independently of overnight rates. Monthly averaging helps filter out transient market noise, though major policy announcements can still shift the baseline significantly. Cross-checking this rate against shorter and longer constant maturity series reveals shifts in yield curve shape over time.
Frequently asked questions
- Why use a constant maturity rate instead of tracking a specific bond?
- As individual bonds age, their remaining maturity shortens; constant maturity methodology corrects for this by maintaining a fixed five-year timeline.
- Does this series reflect primary auction results?
- No, it is calculated from secondary market transactions and pricing models.
- What sector uses this five-year benchmark?
- Financial analysts and researchers use it as a reference for medium-term pricing models and commercial contract indexing.